Axovant Sciences Ltd (NASDAQ:AXON) reported that CEO David Hung, M.D., has resigned from his current role, and also from the company’s board to pursue other opportunities. In addition, Chief Operating Officer and President Marion McCourt has also resigned while directors Kate Falberg, Patrick Machado and Tony Vernon have resigned as members of the firm’s board of directors.
Pavan Cheruvu, M.D., has joined company as Chief Executive Officer. George Bickerstaff, ex-CFO of Novartis Pharma, and Mr. Roger Jeffs, Ph.D., co-CEO and ex-President of United Therapeutics have joined the Axovant board. Dr. Hung stated that he has appreciated the prospect to lead company and have cherished working with the teams at Axovant and Roivant. He hopes to continue to help both teams as a scientific advisor to the Roivant family of firms.
Vivek Ramaswamy, the Chairman of Axovant’s board and the CEO of Roivant Sciences, expressed that he would like to thank Hung for his commitment to company over the preceding ten months, and he wish him well in his upcoming endeavors. Roivant remains committed to company’s long-term success. Axovant will require to work as a lean, entrepreneurial firm in the near term. In that perspective, Pavan marks as the right leader for the firm at this time. He is exemplary of the future industry leaders they expect to cultivate within company, and he has full confidence in his capabilities to rebuild Axovant.
Dr. Cheruvu expressed that he is thrilled for the prospect to direct Axovant, and he look forward to getting begun. Their main priorities are to grow the pipeline with premium-quality product candidates, strengthen next steps for RVT-104 and nelotanserin, and ensure operational excellence across different areas of the business. They will offer a comprehensive update on the firm’s strategy by mid-year. Provided Axovant’s strong cash position, they are beginning from a robust foundation from which to reestablish the firm’s value.